New records making dot-com bubble look sane

LIKE his election campaign, US president Donald Trump's speech at Davos, Switzerland, was centred on his "America First" strategy, aimed at protecting US manufacturers from foreign competition. But on Friday, the speech was more nuanced.

"America First does not mean America alone. When the United States grows, so does the world," Mr Trump told political and corporate elites, stressing that America does not want a trade war, but fair trade.

On Wall Street, stocks surged to fresh highs. Investors shrugged off weaker-than-expected gross domestic product (GDP) growth in the US, and bought up big tech names, while a softer US dollar boosted commodity-exposed sectors.